US's HandsOn Ventures buys 30 pc stake in TRAC, SAM for $3.74mln

New Delhi, Dec 29 (UNI) US-based private equity fund manager HandsOn Ventures (HOV) today said it will buy 30 per cent stake in India-based TRAC Holdings (Tracmail) and US's Superior Asset Management Holdings (SAM) from its acquisition fund, Rustic Canyon, for 3.74 million dollars (about Rs 17 crores).

Recently, HOV acquired a 100 per cent stake in Business Process Outsourcing (BPO) companies - Tracmail and SAM through its acquisition fund, Rustic Canyon.

''The company will acquire its 30 per cent interest at cost from Rustic, paying a total of 3.74 million dollars. The company has taken control and will manage the acquired companies; also it has an option to purchase the remaining 70 per cent that it does not own,'' HOV said in a statement.

The two companies combined are expected to deliver in excess of 17 million dollars (over Rs 75 crores) profitable revenues for financial year 2007-08, the statement added.

''The new acquisitions are in line with our vision of continuing our expansion into the financial services BPO space, building a secure global footprint to meet and exceed expectations of our customers. We will manage the business going forward and plan to go in for the remaining 70 per cent as and when we are ready,'' HOV's Executive Director Sunil Rajadhyaksha said.

The company had planned to augment its current employee strength of 850 by building capacity in the US and Pune for providing facilities for additional 1,500 employees.

Tracmail pioneered the Accounts Receivables Management vertical in India since inception in 1999. The current employee strength of more than 450 employees, most of whom are located in its headquarter at Vashi, will be increased up to 1,100 employees to support growth of both the companies.

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